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Abu Dhabi, UAEMonday 1 March 2021

Tesla awarded federal loan

UNITED STATES // Tesla, the electric car maker, is to benefit from a $465 million (Dh1.7bn) low-interest loan from the US federal government. The award is in addition to a $528m (Dh1.94bn) loan already handed to Tesla by the US Department of Energy. The loans will help the car maker kick start its ambitious plans to produce the all-electric Model S four-door saloon. Tesla will use the funds to build a new production facility in southern California and a new components plant in Palo Alto. Model S production is expected to begin in 2012.

Published: January 30, 2010 04:00 AM